Vietnam runs biggest trade surplus with US, EU in 11 months

Wednesday, 2018-12-12 18:29:29
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Vietnam enjoys its largest trade surpluses with the US and EU in the first 11 months of 2018. (Photo for illustration)
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NDO/VNA – Vietnam enjoyed its largest trade surpluses with the United States and European Union in the first 11 months of 2018, according to the General Statistics Office.

Vietnam had a combined trade surplus of US$57.5 billion with the US and the EU, up 7.3% from the same period last year and six times higher than the country’s total figure of US$6.81 billion.

This figure substantially contributed to the national foreign exchange reserves, which have grown to a record high of more than US$60 billion so far this year.

Over the period, Vietnam had its largest trade surplus of US$31.9 billion with the US, up 8.1% year on year and 4.7 times higher than the total national trade surplus. The most growth was recorded in exports of mobile phones and accessories (49.8%), footwear (14.6%) and garment and textile (12.4%).

Vietnam’s trade surplus with the EU stood at US$25.6 billion, a year-on-year increase of 6.2%. Among EU countries, Vietnam posted the largest trade surplus with the United Kingdom, which imported more than US$4.73 billion worth of commodities from Vietnam in the first 10 months of the year while the UK’s exports to the Asian nation hit US$694 million.

Meanwhile, Vietnam ran trade deficits with 27 foreign markets, of which nine recorded trade deficits of more than US$1 billion and five others exceeded US$2 billion.

As the Vietnam-Korea Free Trade Agreement entered into force, the Republic of Korea (RoK) surpassed China to become the foreign market Vietnam posted the largest trade deficit with. From January to November, Vietnam’s trade deficit with the RoK was worth US$26.6 billion, down from US$29.2 billion over the corresponding period of 2017, or 8.9%.